Gold steady on Ukraine tensions; Asian physical demand eyed

---

Singapore  - Gold prices were steady early on Friday supported by geopolitical tensions in Ukraine, with investors eyeing fund flows and Asian physical demand for further cues.
   
Spot gold was little changed at $1,288.51 an ounce by 0022 GMT. The metal is down 0.9 percent for the week - its second straight weekly decline.

Pro-Moscow separatists in eastern Ukraine ignored a public call by Russian President Vladimir Putin to postpone a referendum on self-rule, declaring they would go ahead on Sunday with a vote that could lead to war.

The decision, which contradicted the conciliatory tone set by Putin just a day earlier, caused consternation in the West, which fears the referendum will tear Ukraine apart.

Physical demand in Asia has been muted in recent weeks and investors are hoping lower prices would lure consumers, especially in top buyer China. 

Source : Reuters

WTI Oil Heads for Weekly Gain as U.S. Crude Stockpiles Decline

---

West Texas Intermediate headed for the first weekly advance since April as crude stockpiles fell for the first time in more than a month in the U.S., the world��s biggest oil consumer.

Futures were little changed in New York after slipping 0.5 percent yesterday. Crude supplies shrank by 1.78 million barrels last week as inventories at Cushing, Oklahoma, the delivery point for WTI, slid to the lowest level since December 2008, the Energy Information Administration reported. Ukraine renewed the offer of dialogue as Russia held military drills.

WTI for June delivery was at $100.28 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 9:33 a.m. Sydney time. The contract fell 51 cents to $100.26 yesterday, the most since April 30. The volume of all futures traded was about 87 percent below the 100-day average. Prices are 0.5 percent higher this week.

Brent for June settlement fell 9 cents to $108.04 a barrel on the London-based ICE Futures Europe exchange yesterday. Prices are 0.5 percent lower this week. The European benchmark crude ended the session at a premium of $7.78 to WTI.

U.S. crude supplies fell to 397.6 million barrels in the week ended May 2, according to the EIA, the Energy Department��s statistical arm. Stockpiles were projected to rise 1.25 million, according to a Bloomberg News survey. Inventories rose to 399.4 million the previous week, the highest level since weekly EIA data started in 1982.

Source : Bloomberg

Gold Futures Drop for Third Day as Dow Near Record Curbs Demand

---

Gold futures declined for a third straight day as gains in equities curb demand for the precious metal as an alternative investment.

The Dow Jones Industrial Average rose as much as 0.6 percent, near a record reached last month, before the close of gold trading in New York. Gold slumped 28 percent last year amid a rally in equities and as inflation remained low.

Gold futures for June delivery fell 0.1 percent to settle at $1,287.70 an ounce at 1:34 p.m. on the Comex in New York. Prices declined 1.6 percent in the previous two sessions. Trading was 13 percent below the average for the past 100 days for this time, data compiled by Bloomberg showed.

Bullion has gained 7.1 percent this year, partly as tension over Ukraine spurred demand for haven assets. Russian President Vladimir Putin said his country��s army is testing its combat readiness, ramping up tensions after he pledged a pullback from Ukraine��s border. Pro-Russian separatists in Ukraine vowed to press ahead with autonomy votes.

Source : Bloomberg

WTI Falls Most in Three Days After Supplies Drop; Brent Declines

---

West Texas Intermediate fell by the most in three days, dropping from a one-week high reached yesterday after U.S. crude inventories shrank for the first time since March. Brent declined in London amid signs that tension in Ukraine may recede.

Futures fell as much as 0.6 percent in New York after rising 1.3 percent yesterday. Crude stockpiles fell by 1.78 million barrels last week as supplies at Cushing, Oklahoma, the delivery point for WTI, dropped to the lowest level since December 2008, the U.S. Energy Information Administration reported. Russian President Vladimir Putin called on separatists in Ukraine to postpone a vote for autonomy and said he pulled troops from the country��s border after weeks of tension.

WTI for June delivery fell 52 cents to $100.25 a barrel on the New York Mercantile Exchange, at 1:33 p.m. London time. The contract gained $1.27 to $100.77 yesterday, the highest close since April 29. The volume of all futures traded was about 17 percent below the 100-day average for the time of day. Prices have advanced 1.8 percent this year.

Brent for June settlement was 34 cents lower at $107.79 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $7.59 to WTI on ICE.

Copy Source: Bloomberg

Gold Trade Above This Weeks Low as Yellen Weighed With Ukraine

---

Gold traded above this weeks low in New York as investors weighed the outlook for U.S. stimulus with tension over Ukraine.

Gold slid 28 percent last year on speculation the Fed would scale back asset purchases. It rebounded 7.5 percent this year, partly as tension over Ukraine spurred demand for a haven. Russian President Vladimir Putin said Russia is testing its army��s combat readiness, ramping up tensions after pledging a pullback from Ukraine��s border. Pro-Russian separatists in Ukraine vowed to press ahead with autonomy votes.

Gold for June delivery added 0.3 percent to $1,292.40 an ounce by 8:16 a.m. on the Comex in New York. It reached $1,286.60 yesterday, the lowest since May 2. Futures volume was 16 percent below the average for the past 100 days for this time of day, data compiled by Bloomberg showed. Bullion for immediate delivery increased 0.2 percent to $1,292.01 in London, according to Bloomberg generic pricing.

Copy Source: Bloomberg